China's Obsession With Shale Is Going Into Overdrive

Officials have set a target of 6.5 billion cubic meters of natural gas to be pumped from underground shale formations by 2015 and 100 billion cubic meters a year by 2020.

The U.S. pumped more than 5 billion cubic meters of shale gas in 2010.

This should not come as a surprise — we recently wrote about how the Chinese are obsessed with America's shale revolution.

Caixin's Wang Xiaocong writes there is already concern that authorities will do little to protect local environment near drilled wells.

...there was no mention of pollution prevention or water protection or even environmental issues in general written into official documents prepared for MLR's second official auctioning of shale-gas exploration blocks October 25. The government is leasing exploration rights in predetermined areas to the highest bidders.

The country is in the midst of auctioning off exploration blocks. Most recently Sinopec and Henan Coal Seam Gas Development and Utilization Co inked deals worth 900 million yuan, or $145 million.